Best Bitcoin Card for New Zealand
The financial market regulation of New Zealand has commented on the future handling of crypto currencies and ICOs. Accordingly, all crypto currencies in the country are regarded as securities and legally treated as such.
As the Financial Markets Authority (FMA), New Zealand’s financial market supervisory authority, announced in a statement last week, it was agreed in the country how to deal with initial coin offerings (ICOs) and the crypto currencies resulting from them as well as those already in existence. This should also ensure responsible innovation in the future on the basis of flexible regulation.
According to the paper, the economic characteristics of an ICO determine whether it should be treated as a financial product and, if so, in what way. According to the FMA, this can be classified into four different categories: debt certificates, equity securities, managed investment products and derivatives. In addition, the FMA strongly recommends that you consult with the authority if you intend to conduct an ICO.
Furthermore, it is stated that all tokens or crypto currencies under the FMC Act (Financial Markets Conduct Act 2013) are regarded as securities – regardless of whether they are financial products or not. This is because, by definition, a security is an agreement that induces a person to make an investment or manage a financial risk.
Token or crypto currency service providers operating out of New Zealand, such as crypto exchanges, wallet providers or other brokers, are required to comply with certain regulations. These must be members of a dispute resolution programme, registered in the Financial Services Providers Register and comply with the provisions of the Financial Markets Conduct Act.
Potential investors are advised to sufficiently consider the risk they are taking with an investment in ICOs or crypto currencies. Most online crypto exchanges are still largely unregulated and difficult to access as they have no connection to New Zealand. Therefore, the FMA refers to a general investment recommendation from its side.
About New Zealand
In New Zealand, the temperate climate of the southern hemisphere prevails, which corresponds approximately to that of the northern hemisphere (thus also Central Europe). Warm and cold seasons are reversed here, so that it is warmest there in our winter months. The average daily maximum temperatures are between 13 and 22 degrees, depending on the season. In some parts of the country, the temperatures reach up to 25 degrees during the day. In the colder months, the temperature drops at night to up to 5°C in the monthly average, depending on the region.
New Zealand is an island state in the Pacific Ocean. The country has a total area of 267,710 km² and a total coastline of 15,134 km. This area corresponds to approximately 75 % of the size of Germany. New Zealand is the second largest country on the Australian continent after Australia and the 75th largest country in the world.
Besides the two main islands there are about 600 other small islands. New Zealand has no neighbouring countries. The distance between Berlin and the capital Wellington is about 18.160 km.